FrankReynoldsCPA

Yeah, I agree that it might be wise to move to something more economical until either A) your income increases or B) your driving history starts to improve.

I would like to be in an IS or GS right now, but realized I can only afford old Lexuses, but wanted a newer car...so I'm in a Ford Fusion(which I do love). It's probably saving me a good deal of money, which I'm hoarding away. My insurance is $120 per month with a perfectly clean record(I'm a 24 y/o male). I can't imagine what a new Lexus would cost....or the 02 Trans Am I almost bought.....

yowps3

Insurance companies are a noble scam.

Which is why I don't have insurance for my car.

tex2670

OP just dropped off? This thread is a scam....

FrankReynoldsCPA

Yeah, but in the US it's required to carry liability insurance, so that you can't just hit somebody's car and stick them with the repairs.

And if you have a loan on your car, you're generally required to carry full coverage.

yowps3

if you hit someone's car (and it's your fualt) your liable for the repairs. If you have third-party insurance they will fix the car you smashed. But then then your insurance rate and the other associated fees will blast through the roof.

Insurance companies in my opinion are class 1 criminals.

CK6Speed

iTrader: (1)

The required liability is not to fix the cars damage. That is collision coverage. Liability is to cover medical bills, hospital bills, and lawsuits if it gets that far. If you ever hit a pedestrian or get into a serious accident that is deemed your fault, will you actually be willing to pay all that money out of pocket? That could be tens of thousands and even hundreds of thousands or more.

yowps3

Here that's called 'green-slip' along with 'pink slip' those two are mandatory requirements for all cars and you pay for them yearly when you renew your vehicle's registration.

The insurance here is almost exclusively for property damage.

CK6Speed

iTrader: (1)

Very interesting how that works where you are. If that is the case I can where you are coming from.

wasjr

Just to clarify: Collision coverage is to repair only the insured's (your) vehicle in case of an accident that is your fault. Liability coverage pays Bodily Injury Liability (BIL) (the medical, etc costs as mentioned), but also Property Damage Liability (PDL) (the cost to repair the damage to the other vehicles involved if the insured is at fault).

Liability insurance is the coverage that is required by law to cover damage caused to others. The requirements vary by state but are typically $10,000 to $25,000 of coverage. Some states (FL is an example) additionally require Personal Injury Protection (PIP) which pays medical costs regardless of who is at fault. Often however the individual with minimal coverage causes damage in excess of their policy limits and the Uninsured/Underinsured coverage of your own policy pays.

mikersoft

iTrader: (1)

Wow, $6K/year?? In many cases, getting older isn't necessarily a good thing, but this is definitely one area where it can be a plus! I pay just over $1600/year for full coverage on my IS-F and a '12 Highlander. Good luck to OP. Drive safe and hopefully insurance costs will improve over time.

-Mike

bitkahuna

iTrader: (20)

ok folks, enough 'judgements' about whether OP is paying too much or not making the best choices. he's looking for advice about the particular situation.

OP - you had asked for it to start earlier on the 6th and when you didn't like the price increase (vs the 15th) you thought it would revert to the lower price if you just waited, is that correct? if so, i don't see how the insurance co. was supposed to know this and so they BEGAN the policy coverage on the 6th at the higher rate. i don't know whether it matters if you signed anything or not.

mmarshall

You better have a darn good bank account if you don't have insurance. You could end up losing your shirt.

Whitigir

Don't you go to Jail if you have no Insurance on you Operating Vehicle ?

mmarshall

One of the things that Progressive's Flo (that perky white-suit-brunette in the commercials) promotes in her commercials is the Name-Your-Price coverage. Simply state how much you want to pay (or can affford)....and they'll tell you whatever coverage you can get for that price.

Unless it is an extreme case, that does sound a litle steep, even with tickets or accidents on one's record.

GEICO, BTW, doesn't use agents, so you're not dealing with the commissions they sometimes get. GEICO operatesaround the clock/24/7, simply by their web site and phone customer reps. (1-800-847-3000). As I stated in my last post, though, they may be picky about who they accept, but those they DO accept can get some pretty nice rates.

FrankReynoldsCPA

In the US, that is true.

Not sure about Oz though.